KuCoin Operator Peken Global Permanently Barred From U.S. Access

The U.S. District Court for the Southern District of New York permanently barred the KuCoin operator, Peken Global Limited, from allowing U.S. customers to access KuCoin unless it registers as a “foreign board of trade” and satisfies strict regulatory conditions. The order also imposed a $500,000 civil monetary penalty. This follows a CFTC settlement and a related DOJ agreement that required the KuCoin operator to leave the U.S. market for at least two years. In March 2024, the CFTC sued Peken Global and other KuCoin-linked entities (Mek Global Ltd., PhoenixFin PTE Ltd., Flashdot Ltd.) over allegations including operating an unlicensed digital asset derivatives exchange, failing to register as a futures commission merchant, and inadequate customer identification. In January 2025, Peken Global pleaded guilty to operating an unlicensed money transmitting business, linked to a $112.9 million criminal fine and $184.5 million forfeiture. For traders, this is a regulatory access shock: the court’s permanent restrictions reduce the likelihood of quick U.S. volume recovery for KuCoin without major compliance remediation. The CFTC said it sought no disgorgement due to cooperation, while claims against three other entities were dismissed with prejudice.